1998
In 1998, the African-American Credit Union Coalition (AACUC) was chartered to increase the global credit union movement’s strength by adding the focused perspective and energy of credit union volunteers and professionals of African-American and African descent. Michael Hale was the first elected chairman.
In August 1998, while visiting South Africa, Pete Crear, Michael Hale, Richard Turnley, Bob King, and Helen Godfrey-Smith committed to including South Africa credit unions as a part of the “AACUC” priority. African Development Fund (ADF) was formed in 1998 as the fundraising “arm” of AACUC to assist the credit union movement in South Africa. All U.S. funding had stopped. In 1999, ADF raised $70,000 (R490,000 African currency) and kept the league operating. The goals and objectives of ADF are:
To assist low-income producers in South Africa communities to increase their income and wealth through improved access to financial services To build long-term, sustainable community-based institutions which support this individual economic growth
To build South Africa civil society through increased popular democratic participation in credit unions
